Figure 14
From: The Effects of Labor and Product Market Reforms: The Role of Macroeconomic Conditions and Policies
Source: The authors
Output effects of product market reforms—the role of employment protection legislation. Note t = 0 is the year of the PMR reform. Solid blue lines denote the response to reform in countries with high (low) EPL, and dashed lines denote 90 percent confidence bands. Solid yellow lines denote the unconditional (baseline) response presented in Fig. 1.